Despite clearing the hurdles of planning and permitting, a developer is punting on a condo project in Church Hill.
Zac Frederick’s Crescent Development has put the half-acre site at 2018 E. Broad St. back on the market.
The asking price is $1.8 million with approved entitlements for an 18-unit project included in the listing, which Frederick said is a rare offering — particularly in that neighborhood.
“With the (Commission of Architectural Review), that was a process that took a while to get through but ultimately I feel benefitted the project, making it adapt into the community a lot better,” Frederick said. “This plan, right now, I feel is a good one and maximizes the density.”
Frederick bought the property for $975,000 in 2017 and eventually settled on a plan to convert the long-shuttered Duke’s Auto building into 10 condos, with an additional eight townhomes to be built along North 21st Street.
Frederick said he’s opting to let the project go to allow himself to focus on multifamily, for-rent development, rather than for-sale housing.
“We really just wanted to take advantage of current market conditions and accelerate our benefit while allowing a comprehensive for-profit builder to come in and … finish the vision,” Frederick said.
One South Commercial’s Lory Markham and Tom Rosman have the listing.
Frederick and Crescent have a handful of other projects underway including the 580-home Henrico Plaza development and Brewer’s Row, the mixed-use project surrounding Hardywood Park Craft Brewery’s downtown taproom. Crescent is partnering with Spy Rock Real Estate Group on each of those. It’s also planning a six-story infill apartment project along Broad Street in the Fan.
Frederick said he has more in the pipeline as well.
“My background is low-income housing tax credits, so that’s what I’m focusing on. I’ve got a couple projects in the planning stages,” he said.
As Frederick looks to move on from Church Hill for now, another local developer recently dove back into the development game in the neighborhood. Josh Bilder recently began planning to convert a derelict building at 2211 Jefferson Ave. into a townhome and office development.